I keep reading about how the 20% down payment is now pretty much mandatory due to the whole subprime mortgage crisis. However, I'm just wondering how many people who live in Southern California actually have the 20% or 160 - 200k down to meet that requirement.
I don't know many people with access to that much $$$$, and I would dare to say that the majority don't have that much -- especially since EVERYTHING here costs so much. I guess the 3% down is the best we can do, which is far more doable, but are the rates awful for a 97% loan?
I think this mortgage thing is going to get a lot worse before it gets better. Ughhhh!!!! Mexico is starting to look better and better every day.